Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 15 May 2025.

Businesses and consumers will benefit from new growth-focused Strategic Steer set for the Competition and Markets Authority (CMA), in the latest step of the government’s agenda to reform regulation to drive growth as part of the plan for change.

• Government delivers new strategic steer to competition watchdog to prioritise growth while ensuring effective competition and consumer protection
• The steer reset CMA’s priorities with aim to create a level-playing field for businesses through more transparent, timely and responsive regulation
• Part of wider push to ensure regulators drive investor confidence and support economic growth across the UK as part of the plan for change

Businesses and consumers will benefit from new growth-focused Strategic Steer set for the Competition and Markets Authority (CMA) today (Thursday 15 May), in the latest step of the government’s agenda to reform regulation to drive growth as part of the plan for change.

The steer resets the competition watchdog’s priorities, with a renewed focus on prioritising growth and investment while ensuring free and fair competition and protecting the rights of consumers.

In addition to this, the steer is focused on minimising uncertainty for businesses by encouraging the CMA to be proactive, transparent, timely, predictable and responsive in its engagement, underpinning the government’s upcoming industrial strategy.

The independent CMA has already set out positive plans to address these issues to deliver meaningful reforms, by announcing their new public commitment to the pace, predictability, proportionality and process of their mergers investigations, digital and consumer work   – giving businesses more clarity and confidence in the CMA’s work. The Government wants to see the same level of ambition from other regulators.

This is just one part of its wider commitment to reforming the regulatory landscape with work underway to improve licensing regulations for businesses, a new regulation innovation office to speed up regulatory decisions and consolidating the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA).

This is to ensure delivery not only for businesses but for taxpayers too by driving investment, boosting confidence and setting out the stall for the upcoming industrial strategy that will articulate a new relationship between business and government to boost growth – delivering the plan for change.

Business Secretary Jonathan Reynolds said:

This government believes in promoting and protecting competition – that is fundamental to our growth mission and Britain’s modern Industrial Strategy. Our economic regulators are crucial to creating the conditions for increased growth and investment. This steer sets out the government’s priorities for the CMA.

I am grateful for the positive approach taken by the new Interim Chair and the Chief Executive as they re-focus the work of the CMA, supporting our Plan for Change to drive growth, investment and business confidence while protecting consumers.

Chancellor of the Exchequer, Rachel Reeves, said:

Competitive markets are more important than ever for attracting investment into the UK and driving economic growth, and our new Strategic Steer for the CMA will help us achieve these goals, making Britain the best country to do business.

We fully support the CMA’s independence and welcome the steps it has already taken to act swiftly, predictably, independently, and proportionately to promote competition, protect consumers and strengthen our economy.

Sarah Cardell, Chief Executive of the CMA, said:

The Strategic Steer reinforces the importance of a strong, independent competition and consumer protection regime, whilst situating this squarely in the context of the growth mission.

The steer provides helpful clarity on how the CMA should prioritise and go about our work, promoting competition and protecting consumers with a sharp focus on supporting higher levels of investment and economic growth.

It reinforces the approach we have set out in the CMA’s 2025/26 Annual Plan and in the roll out of our 4Ps approach, focused on driving greater pace, predictability, proportionality and an improved process committed to strong stakeholder engagement.

The government expects the CMA to clearly communicate how it is taking account of the steer and report on how it has applied the steer in practice in its annual report.

The press release issued by the Department for Business and Trade on 15 May 2025.

Summary of a Joint Statement following the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade.

This Joint Statement follows the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade of the United Kingdom on 12 May 2025.

At their meeting, the Ministers celebrated the successful trading relationship between the UK and New Zealand, which reached a record £3.7bn or $7.3bn of trade in goods and services in 2024.

At the meeting, the Ministers opened the second Joint Committee of the New Zealand-United Kingdom Free Trade Agreement (FTA).

Significant progress has been made under the FTA, including amongst other things, the commencement of an artists’ resale royalty scheme, the inclusion of further wine making (oenological) practices, the establishment of a legal services regulatory dialogue, the renewal of the engineers’ Admissions Pathways Agreement, a sustainable finance dialogue, a women in STEM event, and a visit to the UK by a delegation of Māori women technology entrepreneurs.

Ministers commended the significant uptake of the agreement.

Since entry into force, £752.3m ($1,588m NZD) of traded goods successfully used preferential tariffs; i.e. around 82.2% of goods traded between the UK and New Zealand made use of preferences where one was available.

The strong uptake of the agreement’s benefits is resulting in real savings with the potential to benefit both businesses and consumers.

Between June 2023 and Dec 2024:

• £164.2m or $344.5m NZD (80.7%) of goods imports into New Zealand from the UK used preferential tariffs. Had these occurred at standard Most Favoured Nation (MFN) tariff rates, they could have encountered an additional £9.3m ($19.5m NZD) in duties.
• £588.1m or $1,243m NZD (82.6%) of goods imports into the UK from New Zealand used preferential tariffs. Had these occurred at standard MFN tariff rates, they could have encountered an additional £67.4m ($141.8m NZD) in duties.

The Ministers noted that free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.

The Ministers agreed to work together to strengthen the role that free trade, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to), plays in increasing prosperity and reinforcing resilience against economic turbulence.

This includes growing the agreement ambitiously through further accessions, modernising the agreement through the ongoing General Review, and working with partners to defend the rules-based trading system upon which we rely.

The press release issued by the Department for Business and Trade on 7 May 2025.

UK and Turkey agree on date to relaunch talks for an upgraded free trade agreement.

Secretary of State for Business and Trade Jonathan Reynolds and Minister of State for Trade Policy and Economic Security Douglas Alexander met today in London [Wednesday 7 May] with their Turkish counterparts, Minister of Trade Ömer Bolat and Deputy Minister of Trade, Mustafa Tuzcu, to discuss how to grow the UK economy by boosting trade.

The UK and Turkey have a strong economic relationship, with trade between the two totalling around £28 billion in 2024, making Turkey the UK’s 16th largest trading partner, with UK companies already exporting £9.3 billion of goods and services to its growing market of 86 million people.

Ministers affirmed the importance and strength of the UK-Turkey trading bilateral relationship, committed to continue to pursue closer cooperation and increased trade and investment, and underlined the importance of defending free trade.

They also confirmed their intention for the first round of Free Trade Agreement negotiations to take place by the end of July.

Ministers concluded the meeting by signing an upgraded Technical Barriers to Trade (TBT) chapter, in the form of an amendment to the 2020 UK-Turkey Free Trade Agreement (FTA). This chapter closely aligns UK-Turkey TBT provisions with those found in the UK-EU Trade and Cooperation Agreement (TCA), reducing costs and making it easier for businesses to trade.

Background

• The UK is the second largest services exporter in the world, but in 2024 only 34% of our exports to Turkey were services.
• UK exports to Turkey directly supported around 57,100 jobs across the UK in 2020, more than 68% of which were in services.
• More than 7,800 UK companies currently export goods to Turkey (2024).
• Turkey’s economy is currently the 17th largest in the world. By 2050 is expected to be the 12th-largest in the world and the fourth largest in Europe.
• The Turkish company, Eren Holding Group, recently invested £1 billion in the redevelopment of Shotton Mill in Deeside, North Wales. This investment is set to safeguard 147 jobs and create a further 220. The project is supported by nearly £13 million from the Welsh Government and £136 million from UK Export Finance.

The press release issued by the Department for Business and Trade on 6 May 2025.

Welsh recipients announced in third year of The King’s Awards for Enterprise – the UK’s most prestigious business awards.

The recipients of The King’s Awards for Enterprise have been announced today [6 May], celebrating the achievements of leading businesses from across the UK and Channel Islands.

Eight Welsh businesses across a range of different sectors have been recognised by His Majesty The King as among the best in the country, highlighting the ambition, ingenuity, and success of our diverse business community.

The businesses awarded cover a variety of sectors including industrial lasers, medical equipment, and baking, and are based around the country, from Wrexham to Bridgend and Welshpool.

One Welsh company was awarded for their innovative practices, five for their achievements in international trade and one for their sustainable development.

By supporting more people into work, developing new innovations and exporting the best Britain has to offer around the world, businesses like these play a key role in the UK Government’s mission to go further and faster for economic growth, and put more money in more working people’s pockets as part of the Plan for Change.

Gareth Thomas, Minister for Services, Small Businesses and Exports said:

There are some excellent Welsh businesses recognised in this year’s King’s Awards for Enterprise: from Spectrum Technologies’ pioneering laser equipment to Bluestone Resort’s commitment to environmental responsibility.

I wish the winners every success as they continue to grow, innovate and prosper, and commend the invaluable contributions they have already made to communities at home in Wales and abroad, helping to boost the UK economy.

Secretary of State for Wales Jo Stevens said:

I congratulate all eight Welsh businesses who have won awards. From baking to medical devices to sustainable holidays, their work shows the best of business right across Wales, producing and exporting high quality products and services.

By working with talented Welsh enterprises to create well-paid local jobs and economic growth, the UK Government is delivering on its Plan for Change.

This year’s recipients include Spectrum Technologies, a global leader in the supply of industrial laser wire-processing equipment for the aerospace industry. Based in Bridgend, they have been recognised in the International Trade category.

Dr Peter Dickinson, Chairman and Chief Technology Officer at Spectrum Technologies, said:

Spectrum is very excited and proud to be a winner of the King’s Award for Enterprise. The Company faced huge challenges with Covid but our team of employees have really pulled together and helped turn a difficult situation around, more than doubling sales over the last few years.

The King’s Award is a tribute to their combined efforts, as well as a reflection on the company’s global market-leading position supplying specialised laser wire processing equipment to the aerospace industry.”

Bluestone Resort is situated in the heart of the Pembrokeshire countryside. The park has been designed to reconnect families with nature in a responsible fashion, and as such they have received an award in the Sustainable Development category.

William McNamara OBE, CEO and Founder of Bluestone, said:

Receiving the King’s Award for Enterprise in Sustainable Development is a hugely exciting and rewarding milestone for everyone at Bluestone National Park Resort in Pembrokeshire.

Our ethos is centered on the three pillars of sustainable development: actively protecting natural ecosystems, growing the local economy and supporting local communities. This has become our operational blueprint. The King’s Award for Enterprise in Sustainable Development gives us many reasons to celebrate, recognising the importance of our work as we continue to protect our planet for future generations.”

The King’s Awards for Enterprise were previously known as The Queen’s Awards for Enterprise and were renamed two years ago to reflect His Majesty The King’s desire to continue the legacy of HM Queen Elizabeth II by recognising outstanding UK businesses. The Award programme, now in its 59th year, has awarded over 8,000 companies since its inception in 1965.

His Majesty’s Lord Lieutenants – the King’s representatives in each county – will be presenting the Awards to businesses locally throughout the year. One representative from each winning business will also be invited to a special royal reception event.

Eligible businesses are free to apply for one or more categories. The recipients pass a robust assessment process, judged by experts from industry, academia, the voluntary sector, a representative from the Welsh Government and senior officials in Whitehall. On that basis, each year, The King’s Awards for Enterprise recipients are recommended by the Prime Minister.

Richard Harris, Head of Trade at the Welsh Government and a judge on this year’s panel commented:

It’s an absolute privilege to represent Wales as a judge on the Kings Awards and reviewing and appraising the applications which seem to grow in quality year on year never fails to impress.

The Kings Award is the gold standard, it means something, for me it’s the benchmark award for quality that can literally open doors and start conversations across the world, enabling companies to access opportunities that ordinarily might not be available and win business.

The press release issued by the Department for Business and Trade on 6 May 2025.

The recipients of The King’s Awards for Enterprise have been announced today, celebrating the achievements of leading businesses from across the UK and Channel Islands.

• 197 recipients announced in The King’s Awards for Enterprise – the UK’s most prestigious business awards
• Firms from Stirling to Somerset have their excellence recognised with two businesses receiving awards in two categories
• These successful businesses are playing a key role in the Government’s mission to go further and faster for economic growth as part of our Plan for Change

The recipients of The King’s Awards for Enterprise have been announced today [6 May], celebrating the achievements of leading businesses from across the UK and Channel Islands and recognising their vital role in growing our economy to improve lives.

This year, 197 businesses representing a diverse range of sectors, have been recognised by His Majesty The King as among the best in the country, highlighting the ambition, ingenuity, and success of our diverse business community.

A total of 199 awards have been issued with two companies, Hampshire-based Sonardyne International and Norfolk-based Delta Fire, being recognised for two Awards each.

Overall, 116 businesses have been recognised for International Trade, 46 for Innovation, 27 for Sustainable Development and 10 for Promoting Opportunity Through Social Mobility.

By supporting more people into work, developing new innovations and exporting the best Britain has to offer around the world, businesses like these are playing a key role in the Government’s mission to go further and faster for economic growth, to put more money in more working people’s pockets as part of our Plan for Change.

Gareth Thomas, Minister for Services, Small Businesses and Exports said:

Congratulations to the recipients of this year’s King’s Awards for Enterprise, who all demonstrate the very best of British business talent.

I wish them every success as they continue to grow, innovate and prosper, and commend the invaluable contributions they have already made to communities at home and abroad, helping to boost the UK economy.

Out of the 197 winning businesses 176 (88%) are SMEs, and of those, 27 (14%) are micro-businesses, with 10 employees or less.

Smaller businesses are the beating heart of this government’s growth mission and providing them with the right support to overcome barriers and reach their full potential is an absolute priority. That is why this Government protected a million small firms from National Insurance increases and extended business rates relief in the Budget.

Since then, we have also launched the new Board of Trade to boost small businesses exports and announced over 200 new Banking Hub locations on top of the existing 100 already open. We have also taken action to tackle the scourge of late payments, and most recently, provided a multi-billion-pound increase in government backed financing to help organisations like the British Business Bank provide vital finance for smaller businesses.

We know that it will only take a 1% increase in SME productivity per year, over the next 5 years, to grow the UK economy by a whopping £94 billion.

Graham Brown, Managing Director of Sonardyne, said:

We’re absolutely delighted to have received this recognition. Receiving two King’s Awards in 2025 really celebrates Sonardyne’s ongoing performance in International Trade delivered by working sustainably.

It’s a testament to the hard work of everyone at Sonardyne in making, selling, and supporting great products operating across our blue planet, whilst all the time caring deeply about how we do business to protect it. I hope we can inspire and help other UK businesses to do the same.

Ian Gardner, Managing Director and Founder of Delta Fire, said:

We are absolutely thrilled to receive two King’s Awards for Enterprise for both Innovation and Sustainable Development. These two highly prestigious awards are a fantastic recognition of the great team work in Delta Fire over the last 35 years from a small workshop unit to a state-of-the-art manufacturing facility using net zero energy.

Innovation and Sustainability has led Delta Fire to exporting fire nozzles all around the world and being used to successfully extinguish the majority of fires in the UK every day.

The King’s Awards for Enterprise were previously known as The Queen’s Awards for Enterprise and were renamed two years ago to reflect His Majesty The King’s desire to continue the legacy of HM Queen Elizabeth II by recognising outstanding UK businesses. The Award programme, now in its 59th year, has awarded over 8,000 companies since its inception in 1965.

His Majesty’s Lord Lieutenants – The King’s representatives in each county – will be presenting the Awards to businesses locally throughout the year. One representative from each winning business will also be invited to a special Royal reception event.

Case-studies

• Sonardyne Energy, a Hampshire based firm, transforming what’s possible in offshore energy, maritime defence and ocean science markets through the engineering and manufacturing of their world-leading underwater equipment. They receive the award for International Trade and Sustainable Development.
• Delta Fire, a globally recognised designer, manufacturer, and supplier of specialist front-line firefighting products, committed to sustainability and carbon neutrality by 2030. Based in Norfolk, Delta Fire have been recognised in the Innovation and Sustainable Development categories.

Other recipients also include:

• Level Peaks, a business based in Hereford, and managed by ex-British Military Special Forces Veterans, which supplies innovative defence and security equipment to the UK Government and governments abroad. The company receives The King’s Award for International Trade.
• Mixergy, which has received the Innovation award for their intelligent hot water tank which interacts between homes and the grid to maximise efficiency and reduce energy bills. The business is based in Oxford.

The full list of Awardees across the four categories can be found in the London Gazette.

The press release issued by the Department of Business and Trade on 2 May 2025.

Government statement on conclusion of US tariff review.

The process seeking views from businesses and interested stakeholders to shape any future UK action on tariffs has now concluded.

The four-week Request for Input launched on Wednesday 3 April in response to the US imposing tariffs on a range of products and has received over 200 responses. Work to analyse those responses begins while keeping all options on the table.

The Government will now rapidly analyse the comments and data which scope out the impacts of possible UK tariffs, as well as views on a range of products that could be included in any UK’s response.

Negotiations on an economic prosperity deal with the US to remove existing and future tariffs continue at pace and remain our focus.

Business and Trade Secretary Jonathan Reynolds said:

We are now in a new era for trade and the economy, and that means going further and faster to strengthen the UK’s economy.

All options remain on the table and any future UK action will be made in the national interest – and that is exactly why this engagement was so important.

Our approach so far has been guided by the interests of British business and their voice will continue to be at the heart of our decisions.

While we analyse responses, this Government’s priority will be to build on the strength of our relationship with the US and continue talks to find a resolution for UK businesses.

The press release issued by the Department for Business and Trade on 27 April 2025.

The Government has confirmed the arrival of a new raw materials shipment for use in British Steel’s Scunthorpe blast furnaces.

Steelmaking in Scunthorpe will continue as the Government confirmed the arrival of a new shipment of raw materials today this weekend – bolstering the UK’s national security by protecting the vital capability of domestic steel production.

A shipment of over 55,000 tonnes of blast furnace coke – more than four times the weight of the Shard – from Bluescope Steel’s plant in Australia arrived at Immingham Bulk Terminal today on the MV (merchant vessel) Navios Alegria. It will now be transferred by rail to Scunthorpe.

The coke is crucial to helping ensure both blast furnaces at British Steel can keep running for the coming months and a vital part of efforts to provide a steady pipeline of materials for continued steelmaking.

Another shipment of more than 66,000 tonnes of iron ore pellets and 27,000 tonnes of iron ore fines is due to arrive from Sweden next week, and has been paid for directly by government using existing DBT budgets – as part of this government’s commitment to backing UK industry to succeed.

In further efforts to shore up the company, British Steel has confirmed two more crucial appointments to its leadership team with a new interim Chief Operating Officer and HR Director, both of whom have more than 30 years’ experience in the steel industry.

Business Secretary Jonathan Reynolds said:

This government is on the side of British workers and British industry. The action we’ve taken to secure primary steelmaking at Scunthorpe will not only support our national security but help our steel sector supply the construction of the homes and infrastructure of the future, as part of our Plan for Change.

By securing the raw materials we need to keep Scunthorpe going for the foreseeable future we’ve helped protect thousands of crucial steel jobs. Now, British Steel workers and their families can breathe a sigh of relief and know that we are on their side.

Allan Bell, Interim CEO of British Steel said:

We’ve successfully secured the raw materials we need to keep the blast furnaces running, meaning our production of steel can continue. We would not be here today without the hard work and dedication of our specialist procurement, technical and operational teams who have worked tirelessly on short timescales to secure the required raw materials.

Over the coming months our focus will be on stabilising our operations for the long-term, cementing British Steel as one of the world’s leading manufacturers of steel.

Community Assistant General Secretary Alasdair McDiarmid said:

The imminent shipments of coke and other raw materials needed to keep the blast furnaces running over the months ahead provide much-needed assurance for our members on site in Scunthorpe. We are grateful to British Steel and the government for the decisive work they have undertaken to secure a future for the business – we have seen their commitment and dedication first-hand.

After years of neglect, we now have a UK Government which understands the vital strategic importance of steel, and is backing this up with action.

The latest delivery of vital raw materials reinforces the UK’s primary steelmaking capacity by ensuring both blast furnaces at Scunthorpe can remain operational and gives certainty to the workforce of around 3,000 employed at the steelworks.

It also comes after British Steel announced earlier this week that it has ended a consultation on staff redundancies launched in March by its owners Jingye, and confirmed it would keep both blast furnaces running, securing thousands of jobs thanks to the Government’s decisive action to step in and save the company.

Now that the necessary supplies of raw materials for the blast furnaces have been confirmed, the Government is continuing to focus on securing the long-term future of British Steel with private sector investment, working closely with a range of third parties on potential options.

The press release issued by the Department for Business and Trade on 24 April 2025.

SMEs from across the UK will benefit from new government support to match them up with international buyers and markets.

• Export Roadshows, created to get more small businesses exporting and grow the economy, kick off today in the North East
• Taking place across all nations and regions of the UK, events will bring together small firms, industry experts, trade bodies and government
• Part of the modern Industrial Strategy, the roadshow aims to channel government support to growth-driving sectors, as part of the Plan for Change

SMEs from across the UK will benefit from new government support to match them up with international buyers and markets, to turbocharge UK exports and grow the economy as part of the Plan for Change.

The ‘Made in the UK, Sold to the World’ roadshows, kicking off today [24 April] in Blyth and taking place across all nations and regions of the UK, have been designed to directly connect international buyers with SME exporters ready to seize the opportunity to grow their businesses. Through these events, the Government is working to maximise international opportunities for UK businesses by highlighting tangible opportunities that exist in new markets.

Each event will be aligned to one of the eight key growth driving sectors outlined in Britain’s modern Industrial Strategy, channelling government support to sectors with the highest potential to create jobs, boost productivity and grow the economy. All of which will help deliver the Plan for Change to put more money in more working people’s pockets.

Highlighted sectors include clean energy, advanced manufacturing, technology, life sciences, digital and technology, and financial services.

Gareth Thomas, Minister for Services, Small Businesses and Exports, said:

Maximising the UK’s export potential is crucial to achieving our Plan for Change, by creating good jobs with high wages, raising productivity, and boosting the economy.

Through these roadshows, the government is focussing on supporting key growth sectors, making it quicker and easier for smaller businesses to connect with markets, grasp export opportunities and expand.

The focus of the first roadshow, taking place today, is exporting in the clean energy sector.

There will be 100 attendees at the event – made up of small businesses, trade bodies, and government representatives, as well as 30 Commercial Officers from UK embassies and consulates from around the world, and 97 buyers, all of whom will join the event virtually through pre-planned meetings.

The 97 buyers span 19 markets worldwide, from Argentina to Austria, Thailand, Turkey, Mexico, India, and the UAE.

All roadshow events will provide opportunities for delegates to meet with domestic and international Commercial Officers, who will be on hand to offer expert support and advice on specific products, markets, and export opportunities.

There will also be a designated advice zone for SMEs to learn about wider export support services offered by the Department for Business and Trade, as well as those provided by other public sectors partners like regional Growth Hubs, and trusted private sector providers like the Chambers of Commerce, Federation of Small Business, UKEF and MAKE UK.

A range of workshops and seminars on topical issues such as ‘conducting market research’ and ‘routes to market’ will take place throughout the day, led by the UK Export Academy. Several of these will feature DBT Export Champions who will speak of their own experiences in target markets.

Alex Marshall, Group Business Development Director at Clarke Energy, said:

From the Americas, Africa, Asia to Australasia, clean technologies are now established as one of the most important pillars of the global economy.

So as an Export Champion and a UK business developing innovative clean technology solutions across the world, this Made in the UK, Sold to the World roadshow event is an excellent place to discuss the latest international trends and export opportunities for UK businesses in the clean energy sector.

We know that when SMEs trade around the world, the whole economy benefits, which is why this government is so committed to supporting smaller businesses grow and export.

Just last month, the Department of Business and Trade relaunched the Board of Trade, to help businesses, and in particular the UK’s 5.5 million SMEs, boost their exports.

And later this year, we will be launching a small business strategy to raise growth and productivity across the UK’s SME population and boost the number of scale-ups.

UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises an online support offer and a wider network of support including the Export Academy, UK Export Finance, the International Markets network, and one-to-one support from International Trade Advisers.

The press release issued by the Department for Business and Trade on 15 April 2025.

Business Secretary Jonathan Reynolds has today [15 April] appointed Paul Lee as the new Chair of the UK Endorsement Board (UKEB), replacing current Chair Pauline Wallace at the end of her term in September 2025.

The UKEB is the UK’s national standard setter for international accounting standards. It influences the development, and considers the adoption, of new or amended standards issued by the International Accounting Standards Board, part of the International Financial Reporting Standards (IFRS) Foundation.

Companies report using these standards to provide robust and comparable financial information.

The UKEB is committed to ensuring that the interests of the UK corporate reporters are effectively represented to ensure standards meet the needs of UK companies and investors.

Paul Lee brings extensive corporate reporting experience from his roles as Head of Stewardship and Sustainable Investment Strategy at Redington and Member of the Committee of Reference for the Premier Miton Ethical Fund. Paul is also currently a Non-Executive Member and one of the founding members of UKEB, bringing four years of UKEB experience to the Chair role.

Business Secretary Jonathan Reynolds said:

UKEB provide an invaluable service in scrutinising and adopting international accounting standards and representing our largest companies on an international stage.

Paul will bring strong leadership to UKEB as Chair and his extensive knowledge of corporate reporting standards as one of the Board’s founding members will be vital in driving growth in the sector and economy as part of our Plan for Change.

I would like to thank Pauline for her work over the past five years and look forward to continuing work with Paul.

Incoming Chair of the UK Endorsement Board, Paul Lee, said:

As an investor I understand the importance of international accounting standards and the role they play in supporting UK economic growth and inward investment. I also recognise the unnecessary burden that might be placed on companies if standards don’t achieve the right balance.

I was pleased to join the UKEB Board four years ago because I firmly believed that the organisation’s remit, to act as the voice of UK stakeholders in the development of comparable and proportionate standards that add value to the UK long-term public good, forms part of the core foundation of a strong and growing UK economy. I still believe that.

The UKEB has been robustly effective under Pauline’s thoughtful leadership, and I feel privileged to have been given the opportunity to lead the Board. I’m looking forward to getting started and deepening my work with our excellent Board and Secretariat.

There are economic challenges ahead, both in the UK and globally, and my focus, and that of the Board, will be on understanding, supporting and balancing the needs of all UK stakeholders as we navigate those challenges.

The press release issued by the Department for Business and Trade on 15 April 2025.

The Government has secured raw materials needed to save British Steel.

The Business Secretary pushes ahead with efforts to safeguard British Steel. Today [Tuesday 15 April] he will travel up to Immingham as the raw materials that have been waiting in the dock are unloaded and transported to the site, following the government settling payment for them.

The materials – which have arrived from the US – are enough to keep the blast furnaces running for the coming weeks, with officials continuing to work at pace to get a steady pipeline of materials to keep the fire burning.

A separate ship which contains yet more coking coal is on the way to the UK from Australia. This cargo was the subject of a legal dispute between British Steel and Jingye over the weekend that has now been resolved. The materials have been paid for using existing DBT budgets.

New legislation passed last weekend, in an unprecedented move, gives Government the power to direct the company’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running. It also permits the Government to do these things itself if needed. The government acted to protect 37,000 jobs in supply chains and ensure we can build the infrastructure needed to deliver growth which is fundamental to the Plan for Change.

On Monday, Business and Trade Secretary Jonathan Reynolds confirmed the appointment of Allan Bell as interim Chief Executive Officer, and Lisa Coulson as interim Chief Commercial Officer, both with immediate effect – ensuring the right expertise is in place to keep the site running smoothly.

After intensive work over the weekend, the government has secured coke and iron ore pellets for the blast furnaces and is confident there will be enough materials to keep the furnaces burning.

Business and Trade Secretary Jonathan Reynolds said:

We will always act in the interest of working people and UK industry. Thanks to the work of those at British Steel, and in my department, we have moved decisively to secure the raw materials we need to help save British Steel.

Our industries depend on UK steel and – thanks to our Plan for Change – demand is set to shoot up: helping build the 1.5 million homes, railways, schools and hospitals we need to usher in a decade of national renewal.